BritishGuy36

Within DAYS of completion on our house sale, our buyer has pulled out. :curse:

We had been informed, in writing, that the buyer's purchase of our house was not contingent on them selling their own property. That apparently was a lie.

Got a call from our estate agent today - giving us the bad news.

So now I guess we are back to square one!

4.5 months left to activate the visa.....tick tock....yes I know we can go over and then come back, but there seems to be a difference of opinion of those on the board as to whether LPRs are liable for CGT on a property sold overseas. Really wanted to sell up before activating the visa just in case.

Not happy.

TruBrit

Awwww that's rotten news! Wonder if your buyer is looking for a mega knock down price at the last minute

BritishGuy36

That had occurred to me. Come back in within a few days.... "well we will go ahead if you knock another 5k off" - they can DO ONE.

Elvira

I'd stay put...

BritishGuy36

You mean rather than take the hit on the house price? Or just altogether?

TruBrit

i agree with elvira, stay put

Elvira

I would seek competent advice on the implications of selling after you become a PR. uk-yankee has a forum devoted to tax advice.

If you are determined to sell, you might as well take a hit now, because it's not going to get better any time soon. Check the Property Market Trends board at the Motley Fool...... the consensus seems to be that prices have a long way to fall yet, and recovery might not start for 3+ years (and may be slow - some people think it could take 10 years to get to where prices were a year ago).

I have no idea why you want to move to the US, and it's up to you to re-evaluate your motivations...

BritishGuy36

I know. But I've already taken hit....after hit...after hit....

The price is now 15% less than what we put the house on the market for 3 months ago.

TruBrit

rent it out....house prices under the £1mill are not going to level off for some time imo and the rental market is taking off.

Bluegrass Lass

Wow, sorry to hear that BG. That sucks.

Btw, how can they pull out if the sale was completed? Didn't they have to sign contracts and such? I guess you can back out of a contract there?

another bloody yank

I read it as they backed out before completion.

BritishGuy36

Not an option....rent won't even cover the mortgage....and we effectively move to the US with zero liquid capital.

Bluegrass Lass

Ahh, I re-read and see what you mean. Never mind BG.

Michael

Its a tough market and it seemed that you were trying to do everything right by taking the loses. However, by time the buyers are ready to close, they change their minds thinking that they should have gotten a better deal or that the property will become cheaper in the future.

Tracym

Apparently they can back out until the last minute. Buyers tried the "I'll buy it only if I pay a bunch less" trick on another friend of mine at the last minute.

Charming.